浅谈 MKH 6114 MKH BERHAD美景控股的分拆上市
MKH美景控股 (主板产业组)虽然是房地产发展商,也拥有棕油、商场和酒店及建材业务。今天不谈这些业务,只简短说说公司将棕油业务分拆上市的计划。
公司在2008进军印尼棕油业。目前在东加里曼丹16,408公顷的油棕树都已进入成熟的收成期。这些种植地非常靠近印尼的新首都,不知MKH会不会从中受惠。
MKH最近宣布将棕油业务分拆上市。这油棕业务将以美景控股油棕 (MKHOP)进行首次公开售股(IPO),在马股主板上市。
MKHOP的原始股数为110,468,00股。公司先会把目前的1股分拆成6股新股,股数将增加至超过6.6亿股。
之后MKHOP将以每股RM1.21发出44,227,859股新股收购MKH旗下的PT Maju Kalimantan Hadapan公司,另外公司也会发出23,028,035股新股购买PT Sawit Prima Sakti公司,每股同样也是RM1.21。再来,公司还会发行73,526,951股(每股RM1.21)给Metro Kajang(Oversea)和MKH Plantation以资本化欠款。
这些完成后,MKH将持有94.4%MKHOP的股权。MKH将把其中的10.3%股权,也就是82,487,981股,回馈给MKH现有股东,派发比率为7配1。
之后,MKHOP将通过首次公开售股(IPO)发售22,000,000新股,发售价也是RM1.21。
图表1: MKHOP的上市计划
综合以上所有项目,上市后MKHOP的股数将达到10亿股,以IPO发售价的RM1.21计算,MKHOP的市值将达RM12亿!上市后,MKH和子公司将一共持有63.07%的MKHOP股权,就是约RM7.6亿的MKHOP。目前MKH的市值只有RM7.6亿,这是不是说MKH的价值被低估了呢?
从另一个角度来看,MKHOP的2021和2022税后盈利分别是7千7百万令吉(RM77.45million) 和6千万令吉, 就拿中值约7千万令吉,以上市的价位计算,PE约17倍。对比目前的棕油股估值,这样的价位是相当高的。再说公司也没有什么成长空间了,因为在印尼的种植地已开发完,没有地再种植更多的棕油,除非公司买入更多种植地或收购其它公司。
难怪上市计划公布后,MKH的股价没有涨很多。以上这些只是粗略的计算,也许还有其它细节没有注意到。股价被高估或是值得买入,就等招股计划书公布后才会更明确。
KM
07.04.2023
https://simplesimple-ming.blogspot.com/2023/04/mkh.html
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